Miller Value Partners Opportunity Equity

Investor Summary

Bill Miller IV, CFA, CMT serves as Chairman and Chief Investment Officer of Miller Value Partners. He earned his MBA from the Tuck School of Business at Dartmouth and graduated Phi Beta Kappa and magna cum laude from Tufts University with a degree in economics. He obtained his CFA designation in 2011 and CMT designation in 2018. He has appeared as a speaker at industry forums including the CMT Association Conference and on CNBC's Closing Bell and Squawk Box. He leads a 100% team-owned firm emphasizing alignment with investors.

Fund Strategy

Miller Value Partners pursues a value investing strategy centered around the disciplined purchase of securities trading below intrinsic value. The firm emphasizes 'Buy Low. Sell High' and believes that beating the market requires differentiated inputs. They maintain that the best values in the market are companies that can compound capital over the long term trading at a discount, requiring patience with price changes over extended periods. The firm operates with exceptional flexibility to capitalize on investment opportunities through changing market conditions.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
6.1%	9.8%	9.8%

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 14 2023	2023 Q1	EXPE	-	-	-
Oct 28 2022	2022 Q3	ADT, DXC, KRTX, MAT, SCPPF, SFIX, SI, UBER	-	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 14 2023

2023 Q1

EXPE

Oct 28 2022

2022 Q3

ADT, DXC, KRTX, MAT, SCPPF, SFIX, SI, UBER

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
EXPE	Expedia, which was a recent purchase, also posted strong results and raised the outlook going forward. We added to our exposure to Expedia and continue to hold both stocks in the Fund.

TICKER

COMMENTARY

EXPE

Expedia, which was a recent purchase, also posted strong results and raised the outlook going forward. We added to our exposure to Expedia and continue to hold both stocks in the Fund.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Bill Miller

Miller Value Partners Opportunity Equity

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2023

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Investor Pitches

Current Portfolio as of ( 31st March 2023 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Bill Miller Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Miller Value Partners Opportunity Equity